LOS ANGELES, June 21, 2017 – Air Lease Corporation (NYSE: AL) announced today the delivery of its first new Airbus A321-200neo on long-term leases to WOW air (Iceland). Meanwhile, the aircraft made its Paris flying-display debut to the media and airline industry at this year’s International Paris Air Show. The largest member of Airbus’ re-engined A320neo family, the A321neo made its first flight in February 2016.

The lessor has delivered four A321-200 CEOs and one A320-200neo to the airline since May 2016, with one additional A321-200neo aircraft scheduled to deliver in Q1 2018.

“ALC is very pleased to announce our first A321neo delivery with WOW air, which will be the first of more than 140 new A321neo aircraft in ALC’s order book with Airbus,” said Grant Levy, Air Lease Corporation’s Executive Vice President.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE: AL)

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.

About WOW air

WOW air is the only ultra-low-cost transatlantic airline offering the cheap fares, a modern fleet with the lowest emissions and the biggest smile; this is the WOW air promise to its valuable customers.

As of June 2017, the airline serves 33 destinations across Europe and North America from its base at Keflavík International Airport. Destinations include London, Frankfurt, Paris, Washington DC, San Francisco, Los Angeles, Montreal, Toronto and Boston.

Created in November 2011 by Icelandic entrepreneur Skúli Mogensen, the purple airline flies Airbus A320 aircraft across Europe and Airbus A321/A330 aircraft that service the transatlantic routes.